Is bankruptcy dishonorable? - The ethics of debt

[George Lucas]

Bankruptcy is a legal solution to insolvency, often considered a last resort. But it has some consequences. It destroys your credit. It makes it more difficult to open a bank account or to rent an apartment. And it may even affect your ability to get a job. Many people say that bankruptcy has an unnecessary stigma attached to it that does more harm than good. Where do you stand?

Some alternatives to bankruptcy are debt consolidation, refinance, and debt settlement. All of these seem to lack the stigma of bankruptcy, and may sometimes even improve your credit score! Is bankruptcy unfairly maligned in comparison?

 

[RollingRock2]

Claim you can't pay your debt because you have $5000 a month in living expenses and $5000 a month in business expenses but you actually just blow all your income on WWE Champions booster packs

 

[BradeRunna]

You should feel bad for not paying all that money back to Mr. Shekelbergstein that he lent you at ridiculously high interest rates.

 

[Chongqing]

debt consolidation

Does anyone know how this works or if it's still a thing?

To answer your question, OP, I don't think bankruptcy is immoral or bad. Both parties enter the agreement knowing it's possible.

I think it's that you can't get credit for seven years or something like that if you declare bankruptcy. In my opinion, this is a scare tactic against those who only look for happiness in material possessions, or against the financially comfortable/rich.

There were comments in the Metokur thread for defaulting on credit card debt and then paying it off later after judgments. Honestly, I don't get it and I don't think any amount of explanation would make me understand.

 

[National Defense Advocate]

Nah, nobody cares anymore. What's gonna happen, you gonna shrink my magic jew number? I'm already never gonna own a house FAGGOT

 

[I (Don't) Have A Gun]

Bankruptcy certainly indicates a failure on your part to succeed or at least persist in the current economic system. So it could be a failure (either of your choices or your ability to handle the unforeseen) or you could say "blah blah late stage capitalism" and call it a failure of the system.

In the first case it gets a bit tricky . Is it more honourable to admit your failures or to continue to struggle until you succeed with the gamble that you might be digging yourself into a deeper hole?

In the second case there is no dishonour other than partaking in the western capitalist colonial system of oppression and the only honourable thing to do is to fight the system by... trooning out to support the socialist revolution? Or something like that, I don't really pay attention to communist faggots when they try and lecture me.

 

[SSj_Ness (Yiffed)]

It makes it more difficult to open a bank account or to rent an apartment. And it may even affect your ability to get a job.

This needs to be illegal.

 

[Cat tit bingo]

I think in theory it should since it shows you can't pay the bills and represent a major financial failure but in practice the economy is such a fucking sham of invisible bullshit orchestrated by the evilest people imaginable based on nothing besides the word of the oldest grossest pedophile retards around that nobody cares or should care.

 

[TheShedCollector]

What is dishonourable is predatory banks loaning money at absurd rates to poor people without the ability to repay it to further enrich themselves.

 

[wtfNeedSignUp]

It came up with Trump. If you make a business and it fails there's nothing dishonourable about it as long as the failure wasn't due to sheer incompetence. Ditto for yourself, as long as it's not sheer negligence and stupidity sometimes you get fucked by the economy.

 

[Ser Prize]

What is dishonourable is predatory banks loaning money at absurd rates to poor people without the ability to repay it to further enrich themselves.

This. Usury should be illegal.

 

[XL xQgg?QcQCaTYDMjqoDnYpG]

What is dishonourable is predatory banks loaning money at absurd rates to poor people without the ability to repay it to further enrich themselves.

Can you explain this point to me? I don't get it.
If my motivation is to enrich myself, how does lending money to a person who is unable to repay it helping me achieve that goal?

 

[Blue Flying Leaf]

If my motivation is to enrich myself, how does lending money to a person who is unable to repay it helping me achieve that goal?

Because you then take everything they have.

Is bankruptcy dishonorable?

No. Bootlicking a banking system that is designed to exploit you is just stupid.

It destroys your credit. It makes it more difficult to open a bank account or to rent an apartment.

That just sounds like shekelbankstein being sour you ripped they/them off.

 

[Dammit Mandrake!]

Bankruptcy is a useful tool to keep in your back pocket just in case.

As is my theme today: the problem is fraud, fradulent actors and a lack of desire to root those things out.

 

[Dagoth AMOGUS]

lmao no. Oh you stole fake money from a predatory moneylender? Good.

 

[SpergioLeonne]

Yeah the root solution would be to not take out loans that you know you won’t be able to pay back

Of course bankruptcy is dishonorable. It’s just if you were an idiot and got yourself there, you’re probably not going to be worrying about your honor when facing possible homelessness

 

[cigint]

Bankruptcy isn't unfairly maligned. Maybe younger people think otherwise, but when I hear someone went bankrupt I just assume they failed a business venture. As far as the effects of not being able to accrue new debt, well if you caused a financial institutions large losses by bailing out on your previous debt, I don't see how they can be reasonably expected to loan you more money. I wouldn't.

 

[Lapsus of the bepsus]

There were comments in the Metokur thread for defaulting on credit card debt and then paying it off later after judgments. Honestly, I don't get it and I don't think any amount of explanation would make me understand.

here's your explanation

if you go bankrupt that usually means either 1. you tried being a businessman and you should quit being a businessman immediately, or 2. you're retarded. judge for yourself whether or not that has any moral implications

 

[Guntwranglerpole]

Tricking impressionable kids into lifelong debts they can't get out of, then radicalizing them to hate the people that would help them. Mix this with parents and family who don't bother to guide, teach and warn them kids about the roadblocks they might encounter in life, and how to solve them, this is more dishonorable than bankruptcy.

Though bankruptcy from companies, like what Sam-Bateman or hua-tua chick did to those people with their crypto-currency grifting, who leave people out to dry who invested their live savings to these companies that was all smokes and mirror, is dishonorable. Although the ones who did invest their life savings to companies whose currency is literally just lines of code that is known to be unpredictable in value did this to themselves, but to each their own.

 

[Fount of BadSpeak]

Usury is immoral and dishonorable to begin with, and bankruptcy is a very poorly implemented way to deal with usury. The root cause, as always, is not addressed, but people will hyperfocus on one of the few ways to try to wriggle out of evil kike tactics.